Nov. 10 2018 06:00 AM

William faces up to five years in prison for failing to pay more than $1.2 million in taxes.

William Anderson, of New Milford, Connecticut, has pleaded guilty to tax evasion after failing to pay more than $1.2 million in federal income taxes from 2007 through 2014, according to an article in the Ridgefield Daily Voice.

Anderson, who owns W.F. Anderson LLC, Retaining Wall Solutions, Wil-Rent and Jacobs Creek Farm, admitted to committing multiple acts of evasion, including using business income to purchase cashier’s checks to keep income out of his accounts, conducting transactions to avoid the filing of currency transaction reports (CTR) and concealing assets from the IRS by writing checks for tens of thousands of dollars to empty funds from a business checking account.

According to U.S. Attorney John Durham, federal law requires all financial institutions to file a CTR for transactions that exceed $10,000. Durham says that in order to avoid filing CTRs, individuals will often repeatedly deposit or withdrawal cash amounts less than the $10,000 limit or split a cash transaction over $10,000 into smaller cash transactions in an effort to avoid the reporting requirements.

Following his guilty plea, Anderson is scheduled to be sentenced in district court on Jan. 28, 2018, when he will face up to five years in prison. He has also agreed to pay all outstanding taxes, interest and penalties.